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DS March Newsletter & HMRC Updates 

Good Evening

 

Happy Easter!! Hope you are all having a lovely bank holiday weekend

 

What's new with DS Business Support

No updates to report for DS this month, as I would like to concentrate on the below HMRC Updates (there are a lot of them) please take additional notice of the highlighted, as this may be something you need to action

 

HMRC Updates 

 

VAT As of the 1st April, the VAT threshold has been increased to £90,000. You can find details on this increase via the link below

 

National minimum wages and salary changes from April 2024

As we have no finished 2023-24 tax year, we need to start prepping for your 2024-2025 tax year. Most importantly, National Minimum wage. You must ensure you are paying National Minimum Wage to all employees by week 1 / month 1.

The link below show a table of the new rates. Please can you check this link, and notify us of any wages increases for your staff by the 5th April in order for us to prep the payroll for April. If there are any other changes to salaries, please endure these are also with us by the 5th April

 

National Insurance

Class 1 NI contributions are being reduced from the 6th April from 10% to 8%

You can find the changes to NI on the following link

 

HMRC have issued their new employer bulletin, you can find it on the following link, which will include a lot of the above updates

 

Self-Assessment

The last month, HMRC issued over 100,000 letters in error to sole traders. This letter noted that the 2022-23 self-assessment tax return was still outstanding, and a penalty of £100 had been issued. Please let me know if you have received one of these and I can guide you to what you need to you to reverse this penalty and inform HMRC of the submission date

 

HMRC have also mentioned they will be closing their help lines for Self Assessment enquiries from April to September. However, with an uproar from thousands in the UK – they have now changed their minds – but, I wouldn’t be shocked if their revert back to their original decision, but I will keep you posted

 

 

Our Sister Company – The Offsite Office 

Alongside DS Business Support – we have a siter company which we run with other local bookkeepers and accountants which offers:

  • Registered office address – we offer a registered office address for limited companies and directors who trade from home or freelance and wish to keep their home address private and off the public register on Companies House

  • We are proud to announce we now have hotdesking available. Choose from one of our 3 desks to hire for a day rate of just £20.00 – or a reduced rate for a long-term rent.

More information along with pictures of the office / site can be found on our website 

 

Recommendations

We work with some great companies/individuals to ensure not only the background of DS Business Support is top notch, but also to be able to refer their services to our clients.

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  • mkdsbusiness

DS February Newsletter & HMRC Updates 


Good Morning!

 

What's new with DS Business Support

No updates to report for DS this month, and I would like to concentrate on the below National Minimum Wage as priority


HMRC Updates 

HMRC have issued their new employer bulletin, you can find it on the following link.


As we are going into Month 12 of the tax year, now is the time to start prepping for your 2024-2025 tax year. Most importantly, National Minimum wage. You must ensure you are paying National Minimum Wage to all employees by week 1 / month 1.

The link below show a table of the new rates. Please can you check this link, and notify us of any wages increases for your staff by the 30th March in order for us to prep the payroll for April 

 

Our Sister Company – The Offsite Office

 

Alongside DS Business Support – we have a siter company which we run with other local bookkeepers and accountants which offers:

 

  • Registered office address – we offer a registered office address for limited companies and directors who trade from home or freelance and wish to keep their home address private and off the public register on Companies House

  • We are proud to announce we now have hotdesking available. Choose from one of our 3 desks to hire for a day rate of just £20.00 – or a reduced rate for a long-term rent.

More information along with pictures of the office / site can be found on our website 

 

Recommendations

 

We work with some great companies/individuals to ensure not only the background of DS Business Support is top notch, but also to be able to refer their services to our clients.

 

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  • mkdsbusiness

DS January Newsletter & HMRC Updates 


Good Morning!



Happy New year!! (is it too late to still be saying that?!)

 

The end of January is here! As many of you know, January is our busiest month due to the tax deadline, so Id like to thank you all with your patience with replies being a little longer this month for any non January deadline related work.

Reminder: If you have ha a Tax Return submitted for 2022-23, the deadline for paying is TODAY


What's new with DS Business Support


  • We are proud to be offering hotdesking. Choose from one of our 3 desks to hire for a day rate of just £20.00 – or a reduced rate for a long term rent – more information, and pictures of the office / site can be found on the following link 

  • Don't forget: If you are always hands on at work and struggle to keep on top of admin and paying suppliers, we are here to take that off your to do list. Xero has now realised a payment software that links your bank straight to your bills - meaning any bills which are due are paid on time - without us needing direct access to your bank account. If you would like more information on this service, please let me know - this can also be used for paying wages


HMRC Updates 


HMRC have issued there new employer bulletin, you can find it on the following link. This link also reiterate the NI changes

December 2023 issue of the Employer Bulletin - GOV.UK (www.gov.uk)

I know the below has been in the last few newsletters, but I think its important to keep this one here again, as it kicked in, this month



HMRC have announced changed to National Insurance contributions from 6th January 2023 for the employed and the self-employed. This announcement is a positive one as its being reduced! You can find all information you need for this on the below link



Autumn Statement 2023: National Insurance Factsheet - GOV.UK (www.gov.uk)



Corporation Tax Changes


 HMRC have changed the way they are charging Corporation Tax.



- This mainly effects companies with a yearly profit of £250k and over, who will now pay 25% rather than 19%.


 - Corp Tax will also be changing for companies who earn between £50k - £250K profit and will be on a variable percentage charge


 - Profit under £50k for this year will remain on the original 19%



Full details of these changes can be found on the following link 



Corporation Tax charge and rates from 1 April 2022 and Small Profits Rate and Marginal Relief from 1 April 2023 - GOV.UK (www.gov.uk)



Please let me know if you have any questions on the changes 



Our Sister Company – The Offsite Office



Alongside DS Business Support – we have a siter company which we run with other local bookkeepers and accountants which offers:


  • Registered office address – we offer a registered office address for limited companies and directors who trade from home or freelance and wish to keep their home address private and off the public register on Companies House

  • NEW!!! – we are proud to announce we now have hotdesking available. Choose from one of our 3 desks to hire for a day rate of just £20.00 – or a reduced rate for a long-term rent.


More information along with pictures of the office / site can be found on our website 



Recommendations



We work with some great companies/individuals to ensure not only the background of DS Business Support is top notch, but also to be able to refer their services to our clients.


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